VANCOUVER, April 23, 2014 /CNW/ - Jericho Oil Corporation
("Jericho" or the "Company") (TSX-V: JCO), a growth-oriented oil
& gas company engaged in the acquisition, exploration,
development and production of overlooked and undervalued oil
properties in North America, today
announced it has contracted a 50% interest for 160 additional
development Acres in Miami County,
Kansas. This acquisition, named EKan-3, brings Jericho's
total Kansas acreage position to
over 2,800 acres.
The EKan-3 acreage will be included as part of Jericho's initial
development program and will follow Jericho's 3-phase systematic
asset development plan. Completed wells will follow Jericho's
value creation strategy using 2.5 acre down spacing and a 5-spot
waterflood patterns.
The recently acquired acreage is in the Paola-Rantoul Oil Field
with development focused on a channel or "Shoestring" running
through the lease. This particular Shoestring is a prolific
oil producing field with over 5 million barrels of cumulative
production primarily from the Squirrel sandstone of the Cherokee
Basin formation typically found at depths between 600 and 700
vertical feet. Jericho will look to develop the
"shoestring" which is comprised of an oil channel, one-quarter to
one-half mile wide, and will evaluate the potential for developing
the over-bank and splay deposits.
This acquisition, located within 5 miles of Jericho's EKan-2
asset, is a continuation of Jericho's opportunistic strategy to
revitalize legacy producing oil fields through the implementation
of proven, modern drilling completion and recovery
techniques.
Allen Wilson, CEO of Jericho Oil,
stated, "We are extremely excited to add this additional acreage
package to our development program. Jericho will add
five additional wells to its previously announced initial
development program for the newly acquired acreage. We look
forward to evaluating additional step-out locations based on the
results of these wells."
Jericho will continue to opportunistically add contiguous or
proximate acreage opportunities in line with its existing low-risk,
shallow oil development program.
About Jericho Oil Corporation
Jericho (TSX-V: JCO) is focused on growth through consistent,
predictable and repeatable high margin conventional oil production
by bringing new and proven technology to legacy, onshore basins in
North America.
Jericho expects to continue its extensive development program
throughout the next 12 months and will provide quarterly updates as
the program progresses. For more information, please visit
www.jerichooil.com.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain "forward-looking statements"
within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and Canadian securities laws. There
can be no assurance that such statements will prove to be accurate
and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could
cause actual events and results to differ materially from Jericho's
expectations include risks related to the exploration stage of
Jericho's project; market fluctuations in prices for securities of
exploration stage companies; and uncertainties about the
availability of additional financing.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Jericho Oil Corporation